Mara Holdings price target lowered to $30 from $34 at Piper Sandler

Piper Sandler analyst Patrick Moley lowered the firm’s price target on Mara Holdings (MARA) to $30 from $34 and keeps an Overweight rating on the shares. The firm notes Mara reported a Q4 beat last Thursday evening, which drove a 6% increase in the stock on Friday. In the near-term, the company will focus on bitcoin mining, seizing market share as competitors exit in pursuit of AI/HPC deals. However, Mara does think it can capitalize longer-term on what management calls the “second wave” of AI computing, when it expects inference driven demand for smaller data centers to increase. Bottom line, Piper remains positive on shares of Mara as the most “pure play” bitcoin miner in its coverage that it expects to benefit from large competitors exiting the space in pursuit of AI/HPC deals.